Images of the city of Venice empty of its usual crowds of tourists have created concerns about … Stay on top of Italy latest developments on the ground with Al Jazeera’s fact-based news, exclusive video footage, photos and updated maps. Image for Representation . Tourism in Italy today amounts to 13 percent of the country’s GDP. UBS, which had been expecting the Italian economy to eke out growth of 0.3 per cent this year, now expects it to contract by 0.4 per cent, or by 0.8 per cent in a “negative scenario”. But as the sun begins to cool, so do hopes of a full recovery for Italy's decimated 2020 tourism season. The Italian government has approved a new stimulus package worth 32 billion euros ($38.8 billion) to prop up the battered economy, pushing this year’s budget deficit significantly higher than previously planned. Almost 70% of the Italian GDP are generated in the service sector. The sectors suffering the most are transport and tourism, key parts of Italy's economy, in which growth had slowed by about 50 percent and 70 percent respectively by the end of February since the first recorded case of COVID-19 in northern Italy. Tourism plays a very important role for the Italian economy and contributes nearly 10% to this sector. More than ever before, the current crisis is bringing to light the decades-long economic under-performance and the deep-rooted structural problems of the Italian economy. In 2019, real per capita income in Italy — measured in purchasing power parity — … … Italy has one final chance to reform its economy as the European Union prepares to disburse a historic amount of money, experts told CNBC on Friday. The prediction was made in Confindustria's latest report on Saturday. The national statistics bureau ISTAT said the economy contracted by quarterly rate of 12.8% during the April to June period, with consumer … India Today Web Desk New Delhi October 11, 2020 UPDATED: October 11, 2020 09:09 IST. The national economy shrunk by 6.76 percent during seven quarters of recession. Instagram Telegram Google News. Economy in Italy today. How well would the Biden-Harris duo work? Current Economic Situation. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. The Italian economy is recovering, Misiani said, pointing to indications of a strong third-quarter performance. The economic effects of the coronavirus crisis on Italy's economy may be serious. Italians are poorer than 20 years ago. Output has regressed to levels of over a decade ago. The European Commission said last week that the government’s flagship measures — an early retirement scheme and a citizens’ income (a monthly allowance for certain jobseekers) — failed to trigger the growth the League-5Stars coalition had envisaged. Have you read these stories? In recent years, some 40 million tourists a year visited the country. According to Eurostat, Italian government debt in 2015 reached … italian Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. The Italian economy is also 17.7% smaller than it was in the same period last year. Select the subjects you want to know more about on euronews.com Information about Italy. Italy’s economy has shrunk by around 10 per cent since 2007, as the country endured a triple-dip recession. Winter is coming, and with it what is expected to be a full-blown economic catastrophe. Latest news from Italy including Italian politics news, Italian Entertainment News, Italian Sport News, Italian Economy News, Latest events in Italy, including local news, links to Italian News Agencies and Newspapers, Italy Travel News, and more News from Italy. To make matters worse, the forecast … Italy also has a sizable … Despite a brief recovery period during the late 1990s, the Italian economy remained largely stagnant between 2000 and 2008. Italy … Italy’s economy comprises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. Italy’s large budget deficit is a concern without a robust economic rebound. The … Italy's companies are comparatively smaller than those of similar countries in size or of the EU, and rather than the common trend of less, yet bigger … What we see today is not just the impact of the triple recession — 2008-2009, 2012-2013 and 2020-2021. italian Blogs, Comments and Archive News on Economictimes.com. English F ROME: The Italian economy shrank by more than previously thought during the second quarter as a result of lockdown restrictions imposed to curb the coronavirus pandemic, official figures showed Monday. At the beginning of 2018, Italy was the third-largest economy in the currency bloc. Italian News in English from Italian Newspapers. Select the subjects you want to know more about on euronews.com English. A report by the General Confederation of Italian Industry, commonly known as Confindustria, predicted that the country's GDP will shrink by 10 per cent in 2020, setting economic development back 23 years. Italy’s economy comprises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. ROME — Italy’s economy is sick and the governing coalition can’t agree on the cure — among themselves or with Brussels. Away from the economic calendar, expect COVID-19 news updates and Italian politics to also influence. In the 1990s, and still today, Italy's strength was not the big enterprises or corporation, but small to middle-sized family owned businesses and industries, which mainly operated in the North-Western "economic/industrial triangle" (Milan-Turin-Genoa). The pandemic is still spreading fast. In 2019, total production of goods and services was approximately the same as it was 15 years earlier. Latest breaking news and economic reports on Italy, including politics and cultural events. Information about Italy. The Bank of Italy on July 10 forecast a 9.5% decline. 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